The chief financial officer at Australia’s biggest retailer Woolworths will step down after 11 years in the job.

Tom Pockett, who will retire next February, will be replaced by David Marr, who is currently the GM of corporate finance.

Woolworths said Marr’s appointment was the result of a succession planning process that started more than three years ago.

Chairman Ralph Waters described  Pockett as “a fantastic asset to Woolworths”.

“It has been Tom’s wish for more than 12 months to retire and the board prevailed upon him to stay during this critical time in Woolworths’ transformation,” Waters said at the company’s annual general meeting on Tuesday.

Pockett said he had worked with three outstanding CEOs – Roger Corbett, Michael Luscombe and Grant O’Brien.

“Each was the right person for their time, and each built on the work of their predecessor,” he said.

AAP